Graduated summa cum laude from the Wharton School of Business at the University of Pennsylvania with a degree in economics in 2004. Has an older brother, Donald Trump Jr. & younger brother, Eric Trump and two younger half-siblings; Tiffany Trump and Barron Trump.
Records for tax deductions taken. Length of time to keep, and why:Seven years. 1  The IRS has three years from your filing date to audit your return if it suspects good-faith errors.  The three-year deadline also applies if you discover a mistake in your return and decide to file an amended return to claim a refund.
There is no time frame for the IRS to access tax and tax records must be kept indefinitely if you do NOT file a tax return, OR you file a fraudulent tax return. You must keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction.You must keep all employment (payroll) tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later. Click here for a detailed payroll record retention schedule.ecords of Nontaxable Income-You may need to show that income which was NOT reported on your tax return came from nontaxable sources. Keep records for at least three years from the date the return was due or filed, or two years from the date the tax was paid, whichever is later.